The following is a summary of the Veritex Holdings, Inc. (VBTX) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Veritex reported Q1 2024 earnings of $29.1 million or $0.53 per share.

• The company saw a slight growth in loan loss reserve and CET1 ratio, it now stands at 1.15% and 10.37%, respectively.

• Loan growth remained flat while deposits grew by 18%, or $1.6 billion.

• The net interest income decreased by $2.7 million to nearly $93 million in Q1.

• NPAs increased marginally from 0.77% to 0.82% of total assets, while charge-offs reduced by 44% to $5.3 million.

Business Progress:

• Veritex executed a securities loss trade transaction estimated to add annually $0.05 to EPS along with a $50 million stock repurchase program.

• The company projects low single-digit loan growth and high single to low double-digit deposit growth for the remainder of the year.

• Veritex reduced loan-to-deposit ratio from 107.7% at 3/31/23 to 91.7% at 3/31/24.

• The company plans to reduce the CRE concentrations to total risk-based capital to 319% by Q3 2024.

• Veritex is investing in C&I small business space and is internally forecasting two rate cuts.

• The company aims to continue its capital-efficient approach by injecting about $100 million per quarter into securities and to maintain lower wholesale borrowings.

More details: Veritex IR

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